At AperiData, we believe in a fair, ethical world underpinned by the power of financial truth. For the credit and risk space, this means placing instant data, with pinpoint accuracy, at the point of decision to help score the world ethically and fairly, promote financial inclusion and wellbeing for all.
Which is why we’re honoured that our work with PayPoint and Citizens Advice Bureau Stevenage in using Open Banking to streamline debt advice support has been recognised as the Business Partnership of the Year award at The Credit & Collections Industry Awards, during a virtual ceremony on Thursday 11th July.
The Awards, launched in 2024, are designed to showcase the success of companies and individuals who lead the way in enhancing credit and collections benchmarks – just as we have with PayPoint and Citizens Advice Bureau Stevenage.
A growing challenge during a tough economic climate
“This award has been 18 months in the making and is a huge win for the vision of our team and the application of our technology to create real change in communities,” said Andrew Bonsall, COO at AperiData. “At the start of 2023, we partnered with PayPoint, to provide Open Banking based affordability and alternative credit referencing solutions for their clients. Fast forward to September, and with PayPoint, we embarked on a proof-of-concept with Citizens Advice Bureau Stevenage to use Open Banking to streamline debt advice support.”
Citizens Advice is one of the most valued organisations in the UK and critical to many of the nation’s population. Last year alone it supported nearly half a million people with free, confidential advice which was more than double the previous year.
This rising trend is due in part to tougher economic conditions and a soaring cost of living crisis, placing increasing demand on the charity particularly in the area debt and money management support. To support advisers and caseworkers must have accurate paperwork and information for their clients before they can offer advice.
Historically, they’ve had to rely financial information in paper form before completing manual review, then a Standard Financial Statement (SFS) before providing their debt advice and details of their options. Clearly, this process is labour intensive and could take several weeks, months or in some instances years, depending on engagement by clients who are often vulnerable or anxious about discussing their finances so openly.
Another solution was required: enter AperiData.
Streamlining debt advice support through Open Banking
“To address this, we developed the Financial Information System (FIS) Customer Support Tool, alongside PayPoint, and successfully piloted by Citizens Advice Stevenage, said Bonsall. “The result means we’re saving over two hours of time per client supported, as well as reducing attrition by over 50%. This is huge as it means we’re enhancing resources and freeing these advisers up more to provide actionable advice to support people for longer term sustainability.”
Mascha Collier, a Specialist Debt Caseworker for Citizens Advice Stevenage, with nearly 10 years’ experience, says it better than we could: “Everyone who works at Citizens Advice is passionate about their work. As Debt Caseworkers our number one priority is giving people the right advice and we can only do that if we have an accurate, timely view of their financial situation. What PayPoint has enabled is for us to get that view faster and make the process easier for those seeking help. In reducing that initial time investment, it means we can see people face-to-face faster and offer them the actionable support that can really make a difference.”
Limitless potential to help
Bonsall adds: “This proof of concept has provided real value already and re-writing the rule book of the credit and risk industry as a whole. There are more businesses and consumers we can help across different sectors and use cases in financial services, public services and utilities to help score the world ethically and fairly. This is just the start.”
About AperiData
Harnessing the power of Open Banking, AperiData is laser-focussed on facilitating instant, accurate and fair outcomes for consumers and financial institutions. With a tech stack 100% owned, AperiData is double badged as an FCA and CRA-authorised Open Banking provider and challenger Credit Reference Agency.
The company is on a mission to improve financial inclusion by revolutionising lending and credit scoring. Backed by risk practitioners turned serial entrepreneurs with more than 150 years of experience in global credit risk and data analytics, AperiData’s real-time consumer risk insights empower organisations to serve their customers digitally and work to improve life outcomes.
To learn more about AperiData, visit: https://www.aperidata.com/
